Downturn changing online spend habits

Some 64 per cent of respondents to a survey on online spending plans say they will ‘reduce their spending generally’ in view of the perceived economic outlook.

However, 56 per cent said that their online spending will either not be affected, or would actually increase.

The survey - conducted by E-consultancy, Logan Tod, and Immediate Future – suggests that with increasing concerns spurred bt the global ‘credit crunch’, house prices, and economic conditions, consumers are turning online to find both the best available prices and advice.

Online consumers are turning to comparison engines and user reviews before taking the final purchase decision: 62 per cent of respondents said that they are now ‘more likely’ to consult reviews written by other Web shoppers before buying.

While women are more inclined to reduce overall spending during the economic downturn, they are also more likely to consult online reviews than men (64 per cent compared to 58 per cent), the survey claims.

When comparing the different age groups, it is the ‘silver surfers’ (aged 55+), many of whom have paid-off mortgages or enjoy higher disposable income, who are the least concerned about the economic situation (43 per cent said that the economy would not affect their spending), followed by the 16-24 age bracket (37 per cent would not change their spending levels).